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In Reply to: Re: Re: Re: Re: FORGET A MESSAGE BOARD AND DO YOUR OWN RESEARCH!! posted by stefan on June 20, 2001 at 18:40:32:
I'm glad to see they got you a subscription to the local library to complement that awesome financial planning certificate you were given by Primerica! Way to go you! It's extremely ignorant and arrogant to attempt to enshroud yourself with the presumption you are some financial planner without the proper training. I wouldn't presume to be a lawyer even if someone handed me the title, or the books to pawn myself off with so as to appear articulate.
Perhaps your position is such that of a brainwasher MLM-lover, as is the case with Amway? How many companies in this country utilize MLM, and I mean respectable ones, to disseminate their business and products? Not one as I can mention or find research on. MLM is a base form of marketing, the lowest of the low. I have gotten my experience by attending these meetings and witnessing the aftermath of an unsuccessful ploy.
Your marketing and sales techniques would be considered unfair and deceptive, as your education and training is limited to what you know of Primerica and what they brainwash you with. Take a step through golden arches of any reputable company and you'll quickly learn why companies like New York Life and Northwestern Mutual are the top of the list, because of their ability to help and service customers and the quality and variety of their products.
If you can conjecture that cash value is so bad, you can likewise conjecture that mutual funds are bad in the respect that you can obtain similar gains with tax-free or safer bond investments, arguing that the gains are lost to loading fees and taxes due to turnover.
Conduct a study, as I have, more than simply reading someone else's opinion, and you will find that gains over a 40-year period as compared to that of the S+P 500 is equal to or less than that of guaranteed earnings on cash value. Probably don't believe me, eh? Well, rather than peruse through all of the mathematical logic, consider that when the DOW or, whatever it is, a 20% drop require a 40% just to get back to level. Yes, the S&P has averaged 10%, but that's average, that does not allow for the drops and gain that would affect your portfolio so much.
In addition, that cash value build, when started early enough can be used to fund retirement at marturity, not only adding a death benefit component to your estate, either taking care of taxes or adding to it, but it can also be used to provide supplemental income for retirement. How many policies provide that sort of benefit? Buy-term-invest-the-difference is simply a marketing tactic used by investment groups and term advocates to coerce uneducated consumers into buying term while only taking care of half of their financial need.
Insurance agents, at least those selling life and disability policies are a dying breed. They are more commonly known as Financial Reps due to their broad and extensive knowledge of college planning, estate planning and investing. Those that sell auto and the like are more apt to be referred to as agents, but those specializing in retirement products are much more diversified in the base of their financial knowledge. Many in fact have their CFP, MSFS, CLU and so forth. I won't even begin to ask how many Primerica reps know or even have one of those designations.
Reps who market and sell whole life are confident that they're selling the best that is offered and are there to offer whatever suits their needs, not the needs of the rep. Granted whole life cannot fit every person, just as term does not fit everyone, but certainly a product very few know anything about.
Financial planners are apt to offer budgeting advice, and that goes hand-in-hand with investing. If you expect to invest anything, you must consolidate or pay off your debt and begin saving. Reps and agents don't simply walk in and not take that fact into consideration. We must do extensive research into their financial goals and financial ability to achieve these goals.
Oh and by the way, since you didn't learn this, if you are fired or the group policyholder terminates coervage, you're entitled to conversion to an individual policy without proof of insurability. Moreover, you can continue your benefits under the coverage with the an insurer. If you're fired, for any reason other than blatant conduct abuse, COBRA must cover you for at least another 18 months. So I'm glad to see that you're up on that aspect of group insurance, especially since it is in the state test!
I commend you on your incredible ability to assimilate knowledge and immediately incorporate it as your own belieft. Moreover, it is good you can quote someone else's opinions so easily. Continue purchasing books at Barnes & Noble and we'll continue to learn through our ongoing education.
Until next time....